Clifford Chance
Employee Benefits Newsletter July 2012
10 July 2012
Welcome to the July 2012 edition of Employee Benefits News.
In this edition we focus on the Government's revised proposals on the reform of executive remuneration for quoted UK companies. The Government believes the reforms will strengthen the hand of shareholders in challenging excessive remuneration whilst not imposing unnecessary regulatory burdens. There are a number of differences between the revised proposals and those which were consulted on previously, particularly in relation to shareholder voting powers. Some of the revised proposals may be more palatable to companies. However, they still represent a significant increase in shareholder power and some of the new requirements may cause controversy in practice.
Earlier this year the Office of Tax Simplification (OTS) published its recommendations on the reform of tax approved share plans/EMI. In June 2012 the Government issued its formal response to this and in this edition we highlight the main recommendations that the Government is consulting on.
In this edition we also:
• provide an update on the OTS' review of unapproved share plans; and
• outline some important changes under PAYE which will impact on the administration of employee share plans.
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